A deposit form is a small paper form that a bank customer
includes when depositing funds into a bank account.
A deposit form contains the date, the name of the
depositor, the depositor's account number, and the amounts being deposited as well as a breakdown of whether the deposit consists of checks, cash, or if the depositor wants a specific amount of cash back from a check deposit.
The deposit form serves as proof that the bank
acknowledged receiving the funds from the customer.
How is a Deposit form used?
A customer can find a stack of deposit forms when entering a bank, with designated spaces where they can fill in the required information to complete the deposit.
The form also breaks down whether the deposit consists of
checks, cash, or if the depositor wants a specific amount of cash back from a check deposit. The bank clerk verifies the funds received for the deposit against the amounts listed on the deposit form to ensure they match Deposit forms are often included in the back of checkbooks. These have the customer's account number and the bank routing number pre-printed on them so you need only enter the details of the deposit you're making.
Benefits of A Deposit form
Deposit forms protect both the bank and the customer. Banks use them to help ensure that no deposits are unaccounted for at the end of the business day.
For bank customers, a deposit form serves as a receipt that the
bank properly accounted for the funds and deposited the correct amount into the correct account. The deposit form serves as proof that the bank acknowledged receiving the funds from the customer if the customer later checks the account balance and discovers the deposit was not reported correctly.
Alternative for Deposit Form
Many major banks allow you to make mobile deposits if you're depositing a check. Simply take a picture of the check on your phone then submit it as a deposit using your bank's mobile app. You must typically enroll with your bank to use the app and some banks may enforce limits as to how much you can deposit this way. Deposit forms are becoming a thing of the past as banks have begun removing them from their branches in favor of new technology. Most banks don't require deposit forms for ATM deposits because the computer can read the check or count the cash and electronically credit the account with the ATM card.
What is a Bank routing number?
A bank routing number is a unique 9-digit number that works like an address for your bank. It is used for electronic transactions such as funds transfers, direct deposits and bill payments.